US Bankruptcy Court OKs PES deal on lower RIN obligations

In Pennsylvania, the Philadelphia Inquirer newspaper reports that US Bankruptcy Court has greenlighted Philadelphia Energy Solution’s deal with the Environmental Protection Agency to only pay a fraction of its required RIN buy. The agreement stipulates the company only buy $10 million worth of RINs rather than the $35 million required under the Renewable Fuel Standard. In 2018, the company benefited from a similar deal when a bankruptcy-related agreement waived its $350 million RIN obligation completely.

Category: Fuels